berezovsky abramovich-summary

In the Commercial Court (Chancery Division)

31 August 2012

EXECUTIVE SUMMARY OF THE FULL JUDGMENT OF GLOSTER J IN

Berezovsky v Abramovich Action 2007 Folio 942

Introduction

1. This is an executive summary of my full judgment in this action. The full

judgment is the definitive judgment and this summary is provided simply for

the convenience of the parties and the public.

2. In action 2007 Folio 942, which I shall refer to as the Commercial Court

action, the claimant, Boris Abramovich Berezovsky sues the defendant,

Roman Arkadievich Abramovich for sums in excess of US dollars (“$”) 5.6

billion.

3. Both men are Russian citizens and are, or were, successful businessmen.

Mr. Berezovsky fled from Russia to France on 30 October 2000, following a

public dispute with Vladimir Putin, who was elected President of the Russian

Federation in March 2000. Mr. Berezovsky subsequently settled in England

Draft 31 August 2012 10:10

and applied for asylum in the United Kingdom on 27 October 2001. His

application was accepted on 10 September 2003. He is now resident in

England.

4. At the time Mr. Berezovsky fled Russia, he had substantial commercial

interests in the Russian Federation. According to his United Kingdom tax

returns, he remains domiciled in Russia for tax purposes and intends to return

to Russia when the political situation permits him to do so.

5. Mr. Abramovich frequently visits England because of his ownership of

Chelsea Football Club. He also had substantial commercial interests in the

Russian Federation at material times for the purposes of this litigation.

6. Jurisdiction in the action was founded on service, or attempted service, of the

claim form personally on Mr. Abramovich, whilst in England, and his

subsequent decision not to challenge the jurisdiction of the English court. In

circumstances where Mr. Berezovsky was unable to return to Russia without

facing arrest, and what were accepted, on Mr. Abramovich’s part, to be the

difficulties facing Mr. Berezovsky in obtaining a fair trial, if he had attempted

to bring civil proceedings in Russia, that was no doubt a realistic decision.

The claims

7. Mr. Berezovsky brings two claims against Mr. Abramovich. The first claim,

which I shall refer to as the Sibneft claim, relates to an interest which

Mr. Berezovsky alleges that he had in Sibneft, a Russian joint stock company,

which was created by a decree of the Russian Federation, dated 24 August

1995 as part of a programme of privatisation. Sibneft subsequently became a


major integrated oil company generating large profits. The second claim

relates to an interest which Mr. Berezovsky alleges that he had in a company

known as RusAl, which became a substantial company in the Russian

aluminium industry. I shall refer to that claim as the RusAl claim.

The Sibneft claim

8. Although the formulation of Mr Berezovsky’s Sibneft claim changed over

time, by the end of the trial, the claim was, in broad summary, as follows:

i) Mr. Berezovsky and one of his close business associates, known as a

Badri Patarkatsishvili, a Georgian citizen, and Mr. Abramovich orally

agreed in 1995 to acquire a controlling interest in an oil company,

which was to acquire the businesses of various Russian oil companies,

including refinery companies and production companies. In the event

the oil company which acquired such businesses was Sibneft. I refer to

this alleged agreement as the alleged 1995 Agreement.

ii) The principal terms of the oral agreement were that:

a) any ownership interest which they acquired in Sibneft, would

be held for their benefit as follows: 50% for the benefit of

Mr. Abramovich on the one hand, and 50% for the benefit of

Mr. Berezovsky and Mr. Patarkatsishvili, on the other hand;

b) profits would be distributed in the same percentage proportions;

c) the share of profits would not be limited to a share of the profits

made by Sibneft. but would extend to a similar share in the


profits of Mr Abramovich's trading companies, which were

generated as a result of such companies' trading with Sibneft or

as a result of Mr Abramovich's acquisition of control of Sibneft;

d) any future business interests which they acquired (whether or

not related to Sibneft) would also be shared between them in the

same proportions;

e) Mr Abramovich and his staff would be responsible for the

management of Sibneft; and

f) the alleged 1995 Agreement was governed by Russian law.

9. Mr Berezovsky also claimed that a further oral agreement was made between

the three men in 1996. I shall refer to this agreement as the alleged 1996

Agreement. The principal terms of this agreement were that:

i) Mr. Abramovich, Mr. Berezovsky and Mr. Patarkatsishvili would

arrange matters so that Mr. Abramovich, or his companies, were the

legal owner of all the Sibneft shares which had been acquired pursuant

to the 1995 Agreement;

ii) Mr. Berezovsky and Mr. Patarkatsishvili would continue to have the

rights and interests which they had acquired pursuant to the 1995

Agreement in the shares that would be held by Mr. Abramovich;

iii) Mr. Abramovich would upon request, transfer to Mr. Berezovsky

and/or Mr. Patarkatsishvili shares equivalent to their interest in Sibneft

on the basis of the percentage split referred to above;


iv) Mr. Berezovsky and Mr. Patarkatsishvili would continue to be entitled

to dividends and to any other payments made by Sibneft to its owners,

and to their share of the profits of Mr Abramovich's trading companies

on the basis of the percentage split referred to above;

v) thereafter any further acquisitions of Sibneft shares would be held on

the same basis; and

vi) the alleged 1996 Agreement was governed by Russian law..

10. Mr Berezovsky claimed that, in the period from 1996 until 2000 very large

sums of money were paid by Sibneft, at Mr. Abramovich’s direction, to

Mr. Berezovsky and Mr. Patarkatsishvili allegedly “in connection with their

interests in Sibneft”.

11. Mr Berezovsky then contended that, subsequently, at meetings between

Mr. Abramovich and Mr. Patarkatsishvili between August 2000 and May

2001, Mr. Abramovich, through Mr. Patarkatsishvili, threatened

Mr. Berezovsky that, unless he and Mr. Patarkatsishvili sold their ownership

interests in Sibneft to him or his nominee, Mr. Abramovich would take steps

to ensure that (i) Mr. Berezovsky’s and Mr. Patarkatsishvili’s interests in

Sibneft would be expropriated by the Russian state and/or (ii) Nikolay

Glushkov, a close personal friend and business associate of Mr. Berezovsky

and Mr. Patarkatsishvili, who was in prison at the time, would be detained in

prison for an extended period..

12. Mr Berezovsky's case then proceeded to allege that, as a result of such

intimidatory threats by Mr. Abramovich, Mr. Berezovsky and


Mr. Patarkatsishvili were coerced by him into selling their ownership interests

in Sibneft to Mr. Abramovich in May or June 2001 for a price of $1.3 billion,

which was a very substantial undervalue, when compared with the true value

of their interests in Sibneft. Therefore, claimed Mr. Berezovsky,

Mr. Abramovich was obliged to compensate Mr. Berezovsky for the loss

which he, Mr. Berezovsky, had suffered as a result of such coerced sale.

Mr. Berezovsky claims that his loss is in excess of $5 billion.

The RusAl claim

13. Although the formulation of the RusAl claim changed over time, by the end of

the trial, Mr Berezovsky's RusAl claim was, in broad summary, as follows:

i) Mr. Berezovsky alleged that from about 1998 or 1999, Messrs

Berezovsky, Patarkatsishvili and Abramovich began to acquire assets

in the Russian aluminium sector. (I refer to these as “the pre-merger

aluminium assets”).

ii) He claimed that a specific oral agreement had been made between the

three men in 1999 (a) to apply the "future business" terms of the

alleged 1995 Agreement to the pre-merger aluminium assets; and (b)

that their respective contributions to the acquisition price of such assets

would be paid for from their respective entitlements to their

proportionate share of Sibneft’s and Mr Abramovich's trading

companies' profits. I shall refer to this agreement as the alleged 1999

Agreement.


iii) Mr Berezovsky went on to allege that, in about late 1999 and early

2000, at Mr. Abramovich’s suggestion, he, Mr, Patarkatsishvili and Mr

Abramovich entered into merger negotiations with another oligarch,

Oleg Deripaska, for the pooling of their aluminium assets and that his,

Mr Patarkatsishvili’s and Mr Abramovich’s contribution to the merger

consisted of their interests in the pre-merger aluminium assets.

iv) Mr Berezovsky contended that he, Mr Patarkatsishvili and Mr

Abramovich agreed among themselves that any arrangements for the

proposed merger would be subject to English law.

v) He further alleged that the terms of the merger deal between himself,

Mr Patarkatsishvili and Mr Abramovich on the one hand, and

Mr. Deripaska on the other, were finalised at a meeting at the

Dorchester Hotel in London on 13 March 2000, attended by all four

men. At this meeting, Mr Berezovsky alleged that all participants

agreed orally to pool their assets in a new company (in the event,

RusAl), and that 50% of the new company would be owned by

Mr. Deripaska and his partners (including a Mr. Michael Cherney), and

50% by Mr. Berezovsky, Mr. Patarkatsishvili and Mr. Abramovich.

vi) He also alleged that it was agreed at that meeting that none of the four

men would sell his shares in the new company without the agreement

of the others.

14. Mr Berezovsky also contended that, at the Dorchester Hotel meeting, it was

orally agreed as between himself, Mr Patarkatsishvili, and Mr Abramovich

that, in line with their agreement in relation to the Sibneft shares:


i) their 50% shareholding in RusAl should be split and held on terms that

Mr. Abramovich would beneficially own 25% of the RusAl, while

Mr. Berezovsky and Mr. Patarkatsishvili would beneficially own 25%

between them;

ii) the Berezovsky/Patarkatsishvili shares would be controlled and legally

owned by Mr. Abramovich, or companies that he owned or controlled,

and held by him for Mr. Berezovsky and Mr. Patarkatsishvili; and

15. Mr Berezovsky also contended that, during the Dorchester Hotel meeting,

Mr. Patarkatsishvili agreed with Messrs Deripaska and Abramovich, in the

presence of Mr. Berezovsky, that all the merger arrangements (including those

relating solely to Messrs Berezovsky, Patarkatsishvili and Abramovich) would

be governed by English law. In the alternative, Mr Berezovsky also asserted

that, even if there had not been an express agreement that English law should

apply, English law nevertheless applied to the arrangements in relation to

RusAl.

16. Mr Berezovsky went on to allege that, in about September 2003,

Mr. Abramovich sold a 25% shareholding in RusAl to Mr. Deripaska, without

consulting Mr. Berezovsky or Mr. Patarkatsishvili, or obtaining their consent.

He alleged that this was a breach of contract and/or trust and/or fiduciary duty

on the part of Mr. Abramovich, because it was a breach of the agreement that

none of the shareholders would sell without the consent of the other. So

Mr Berezovsky claimed that Mr. Abramovich was liable to compensate him

for the loss which he has suffered as a result of Mr. Abramovich’s breach of


contract and fiduciary duty. Mr. Berezovsky claimed that his loss in relation

to RusAl was at least $564 million.

Summary of Mr. Abramovich’s defence in relation to the Sibneft claim

17. Mr. Abramovich disputed the Sibneft claim. His case was that, while the

precise percentage shareholding fluctuated over time, at all material times, the

majority of Sibneft’s shares were (indirectly) owned by him through trusts and

companies which he controlled; that neither Mr. Berezovsky, nor any entity

controlled by him, had ever been the registered or beneficial owner of any

significant number of Sibneft shares.

18. He asserted that there never had been any agreement to confer any interest in

the company, or in its share capital, or in the profits derived from such interest

on Mr. Berezovsky and Mr. Patarkatsishvili; nor had there been any agreement

that Mr Berezovsky and Mr Patarkatsishvili should have a share of the profits

generated by Mr Abramovich's trading companies, as a result of such

companies' trading with Sibneft or as a result of Mr Abramovich's acquisition

of control of Sibneft. On the contrary, the deal between Mr Abramovich and

Mr Berezovsky was that, in return for substantial cash payments to

Mr. Berezovsky, Mr. Abramovich and Sibneft would enjoy Mr. Berezovsky’s

political patronage and influence, which was indispensible to the construction

of any major business in the conditions of the 1990s, the Russian term for such

support being “krysha” (literally translated “roof”). Mr. Abramovich

contended that the amount of the various payments made to Mr. Berezovsky

for such support was determined by a combination of unilateral demands by

Mr. Berezovsky and ad hoc horse-trading between him and Mr. Abramovich,


but did not represent dividend or other payments linked to an ownership

interest in Sibneft.

19. Mr. Abramovich denied that any threats were ever made by him directly or

indirectly to Mr. Berezovsky to persuade the latter to part with any alleged

ownership interest in Sibneft or otherwise. He alleged that the payment of

$1.3 billion made by him in 2001 to Mr. Berezovsky and Mr. Patarkatsishvili

had nothing to do with any alleged sale of the two men's alleged ownership

interests in Sibneft, but, on the contrary, was a final pay-off to discharge

Mr. Abramovich’s krysha obligations to them in relation to Sibneft. He

asserted that, in any event, Mr. Berezovsky had suffered no loss: if he had

indeed had some sort of ownership interest in Sibneft, he had never parted

with it; if, on the other hand (contrary to Mr. Abramovich’s contentions), the

sum of $1.3 billion in fact represented the price paid by Mr. Abramovich to

acquire Mr. Berezovsky’s ownership interest in Sibneft, such sum was a great

deal more than the value of Mr. Berezovsky’s alleged ownership interest in

Sibneft at the time.

20. As a matter of law, he contended, that, in any event, the alleged agreements

concluded in 1995 and/or 1996 in relation to Sibneft were not valid as a matter

of Russian law. Moreover, even if (contrary to Mr. Abramovich’s

contentions) threats had been made to persuade Mr. Berezovsky to sell his

alleged ownership interest in Sibneft, any intimidation claim, together with

any other claim that might be put forward, was time-barred as a matter of

Russian law, which was the relevant law governing the alleged tort of

intimidation.


Summary of Mr. Abramovich’s defence in relation to the RusAl claim

21. Mr Abramovich denied Mr Berezovsky's RusAl claim. In broad summary,

Mr. Abramovich denied Mr. Berezovsky’s claim to an interest in the pre-

merger aluminium assets based on the allegation that there was an oral binding

agreement in 1995 that each of Mr. Abramovich, Mr. Berezovsky or

Mr. Patarkatsishvili should be entitled to participate in the same proportions in

any future business venture undertaken by either of the others. He further

denied that he had ever agreed in 1999, or at any other time, to participate with

Mr. Berezovsky and Mr. Patarkatsishvili in the acquisition of the pre-merger

aluminium assets on the same terms as the 1995 Agreement.

22. He denied that there had been any agreement made at the Dorchester Hotel

meeting (or elsewhere) that Mr. Berezovsky and Mr. Patarkatsishvili would

have a share of the aluminium business created by the merger of the pre-

merger aluminium assets with Mr. Deripaska’s aluminium assets; or that there

had been any agreement that he, Mr. Abramovich, would hold that interest for

Mr. Berezovsky and Mr. Patarkatsishvili under a trust, whether governed by

English law or any other law. He further denied that it had been agreed at the

Dorchester Hotel meeting between Mr. Berezovsky, Mr. Patarkatsishvili,

Mr. Abramovich and Mr. Deripaska that none of them should be entitled to

sell his interest in the merged business without the consent of the others;

consequently, his sale of a 25% share in RusAl in September 2003 to

Mr. Deripaska’s holding companies was not in breach of any such agreement.

23. Further he contended that the governing law of any such arrangement would

have been Russian law, under which no concept of trust or equitable


proprietary interest was recognised and that, in any event, any arguable claim

under Russian law would have been time barred under the relevant Russian

law of limitation. He alleged that, in any event, any trust claim would have

been bad even under English law, because of the uncertainty of its alleged

terms. Finally, he claimed that the RusAl claim had in any event been the

subject of a contractual release, which was binding on Mr. Berezovsky.

Accordingly, Mr. Abramovich asserted that had no liability to Mr. Berezovsky

in respect of the RusAl claim.

The claims made in the Chancery actions

24. In addition to his claim in the Commercial court proceedings against

Mr. Abramovich, in late 2008 and early 2009 Mr. Berezovsky also issued

three actions in the Chancery Division (“the Chancery actions”). In these

actions, Mr. Berezovsky contends that he was Mr. Patarkatsishvili’s partner in

relation to a number of substantial business ventures, and seeks to obtain what

Mr. Berezovsky alleges is his (i.e. Mr. Berezovsky’s) share of these ventures,

including an interest in RusAl. The defendants to the Chancery actions include

members of Mr Patarkatsishvili's family and his personal representatives ("the

Family defendants"); Vasily Anisimov (“Mr. Anisimov”), a Russian

businessman, together with a number of entities controlled by him (“the

Anisimov defendants”); and various companies referred to as “the Salford

defendants”, who were, or were alleged to be, members or associates of, a

group of companies including Salford Capital Partners Inc, a private equity

firm specialising in the developing markets of the former Soviet Union and


Eastern Europe, alleged to have been involved in the sale of a second tranche

of RusAl shares.

25. The Family defendants, Mr. Anisimov and the Salford defendants are

participating in this Joint Trial pursuant to an order of Mann J and myself

dated 16 August 2010 made at a conjoined Case Management Conference held

in both the Commercial court action and in the Chancery actions. , That order

identified a number of issues, defined as “the Overlap Issues”, which arise in

both the Commercial court action and the Chancery actions. Mann J and I

directed that the overlap issues should be tried and determined as preliminary

issues in the Chancery actions at the same time as the trial of the Commercial

court action. We further ordered that each of the parties to the Chancery

actions should be bound only by the findings made at the Joint Trial on, and

might participate fully in, the Overlap Issues, but should not be bound by

findings at the Joint Trial on any other issues.

Significant features of the case

26. There were a number of significant features of the case which the court had to

bear in mind when approaching the evidence. For the purposes of this

summary I identify a few of the more important ones.

27. First, at the core of the dispute between the parties were four highly

contentious alleged oral agreements, relating to substantial assets which, if

established, had serious financial and commercial consequences for the

alleged parties to those agreements. Every, or almost every, aspect of the

alleged agreements was in dispute. Significantly there were no

contemporaneous notes, memoranda or other documents recording the making


of these alleged agreements or referring to their terms. Such documents as

were relied upon by Mr. Berezovsky as circumstantial evidence supporting his

case, were usually (but not invariably) considerably later in origin than the

alleged agreements; not documents that were communicated to

Mr. Abramovich or his representatives; and were documents which were open

to various interpretations as to whether they were supportive of his case.

28. Second, the oral evidence relating to such claims was extremely stale. The

court was being asked, in effect, to make findings based on limited direct

evidence relating to events which occurred many years ago. In a case which is

dependent upon establishing oral agreements, evidence relating to events

which occurred a long time ago necessarily gives rise to particular problems.

Apart from the fact that, not surprisingly, it is often difficult for witnesses to

remember what happened many years ago, and they can rarely be expected to

remember the specific words which they used, witnesses can easily persuade

themselves that their recollection of what happened is the correct one.

29. Third, that problem was compounded in this case by the fact there had been

substantial summary judgment proceedings, followed by the appeal to the

Court of Appeal, during the course of which round after round of evidence

was produced by various witnesses on each side. Given the substantial

resources of the parties, and the serious allegations of dishonesty, the case was

heavily lawyered on both sides. That meant that no evidential stone was left

unturned, unaddressed or unpolished. Those features, not surprisingly,

resulted in shifts or changes in the parties’ evidence or cases, as the lawyers

microscopically examined each aspect of the evidence and acquired a greater


in-depth understanding of the facts. It also led to some scepticism on the

court’s part as to whether the lengthy witness statements reflected more the

industrious work product of the lawyers, than the actual evidence of the

witnesses.

30. Fourth, the lapse of time and staleness of the claims also gave rise to the

inevitable problem that the court did not have before it all the evidence which

it might otherwise have done, had the dispute been resolved nearer the time

that the alleged oral agreements had been made, rather than 16 years after they

were alleged to have been concluded.

31. Fifth, the burden of proof was on Mr. Berezovsky to establish his claims. As

the only witness, on his side, who could give direct oral evidence of the

making of the alleged agreements or the alleged threats, the evidential burden

on him was substantial. Ultimately, it was for Mr. Berezovsky to convince the

court, on the balance of probabilities, that the alleged oral agreements and

threats had indeed been made, not for Mr. Abramovich to convince the court

otherwise.

32. Fifth, in the event this case fell to be decided almost exclusively on the facts;

very few issues of law were involved. Because of the nature of the factual

issues, the case was one where, in the ultimate analysis, the court had to

decide whether to believe Mr. Berezovsky or Mr. Abramovich. It was not the

type of case where the court was able to accept one party’s evidence in

relation to one set of issues and the other party’s evidence in relation to

another set of issues.


Mr. Berezovsky

33. Because both the Sibneft and the RusAl claims depended so very heavily on

the oral evidence of Mr. Berezovsky, the court needed to have a high degree of

confidence in the quality of his evidence. That meant confidence not only in

his ability to recollect things accurately, but also in his objectivity and

truthfulness as a witness.

34. On my analysis of the entirety of the evidence, I found Mr. Berezovsky an

unimpressive, and inherently unreliable, witness, who regarded truth as a

transitory, flexible concept, which could be moulded to suit his current

purposes. At times the evidence which he gave was deliberately dishonest;

sometimes he was clearly making his evidence up as he went along in

response to the perceived difficulty in answering the questions in a manner

consistent with his case; at other times, I gained the impression that he was not

necessarily being deliberately dishonest, but had deluded himself into

believing his own version of events. On occasions he tried to avoid answering

questions by making long and irrelevant speeches, or by professing to have

forgotten facts which he had been happy to record in his pleadings or witness

statements. He embroidered and supplemented statements in his witness

statements, or directly contradicted them. He departed from his own previous

oral evidence, sometimes within minutes of having given it. When the

evidence presented problems, Mr. Berezovsky simply changed his case so as

to dovetail it in with the new facts, as best he could. He repeatedly sought to

distance himself from statements in pleadings and in witness statements which

he had signed or approved, blaming the “interpretation” of his lawyers, as if


this somehow diminished his personal responsibility for accounts of the facts,

which must have been derived from him and which he had verified as his own.

35. Whilst I can readily understand that, in a case of this sort, which involved a

considerable amount of evidence at the interlocutory stage given by lawyers

on instructions, it is not surprising that the principal witness ultimately

describes aspects of the case in significantly different terms, that could not

excuse the extent of Mr. Berezovsky’s deviations from his previous case as

presented in his pleadings and witness statements. His “I blame my lawyers”

excuse was not convincing.

36. A particular example of his lack credibility as a witness was his initial denial

in cross-examination that any of his witnesses stood to gain financially, if he

were to be successful in the Commercial Court action. In fact that was untrue.

Two of Mr Berezovsky's witnesses, Dr. Nosova and her husband, Mr. Lindley,

a solicitor, stood to gain very substantially if Mr. Berezovsky were to win

these proceedings. Mr. Berezovsky’s excuse in re-examination, when he

revealed the contingency fee arrangements for the first time, for not having

given a truthful answer in cross-examination, was unconvincing. In fact it

appeared that, despite specific enquiries having been made earlier in the

proceedings by Mr Abramovich's solicitors, these contingency agreements had

previously been concealed from them, and indeed even from Mr Berezovsky's

own solicitors

37. Accordingly, I concluded that, in the absence of corroboration,

Mr. Berezovsky’s evidence frequently could not be relied upon, where it

differed from that of Mr. Abramovich, or other witnesses. I regret to say that


the bottom line of my analysis of Mr. Berezovsky’s credibility is that he would

have said almost anything to support his case.

Mr Abramovich

38. There was a marked contrast between the manner in which Mr. Berezovsky

gave his evidence and that in which Mr. Abramovich did so. Mr. Abramovich

gave careful and thoughtful answers, which were focused on the specific

issues about which he was being questioned. At all times, he was concerned

to ensure that he understood the precise question, and the precise premise

underlying, the question which he was being asked. He was meticulous in

making sure that, despite the difficulties of the translation process, he

understood the sense of the questions which was being put to him. To a

certain extent that difference, no doubt, reflected the different personalities of

the two men, for which I gave every allowance possible to Mr. Berezovsky.

But it also reflected Mr. Abramovich’s responsible approach to giving answers

which he could honestly support.

39. Where he had relevant knowledge, he was able to give full and detailed

answers; he took care to distinguish between his own knowledge,

reconstructed assumptions and speculation. He was not afraid to give answers

which a less scrupulous witness would have considered unhelpful to his case.

There were few differences between Mr. Abramovich’s oral evidence and

what he had said in his witness statements. Such differences as there were,

were largely attributable to the legitimate addition of corroborative detail in

response to questions in cross-examination, and to difficulties inherent in the

translation process. I found Mr. Abramovich to be frank in making


concessions where they were due, for example in relation the backdating of

documents.

40. Whilst, not surprisingly, there were occasions where his evidence was

inconsistent, or his recollection was faulty, or had changed over time, none of

these occurrences was so startling as to give me concerns about his basic

truthfulness and reliability as a witness.

41. I do not accept Mr. Rabonowitz’s characterisation of Mr. Abramovich’s

demeanour in the witness box as “smooth” or “a highly controlled

performance” or any pejorative gloss implicit in the suggestion that he had

been “… meticulously prepared for the evidence he would give”.

Mr. Abramovich clearly found the cross-examination process a stressful one,

not least because he was not in control of the questions which he was being

asked, or of the court process, and because he clearly needed to concentrate

hard to understand and answer the questions.

42. I reject the serious allegations made by Mr. Rabinowitz that Mr. Abramovich

was a thoroughly “dishonest and cynical witness” who deliberately called

witnesses whom he knew would give “as they were intended to do, thoroughly

untrue evidence designed only to mislead the court.” Neither the evidence,

nor my analysis of it, supported that allegation. Likewise I reject the

allegation that he manipulated the trial process or engaged in improper

collusion with his witnesses, or was part of a “smears and innuendo”

campaign.

43. In conclusion I found Mr. Abramovich to be a truthful, and on the whole

reliable, witness.


Summary of the court's conclusions

44. I set out below a summary of my conclusions in relation to the principal

liability issues in contention between the parties. It was agreed between the

parties that, because of the unavoidable unavailability of one of the quantum

experts, issues relating to the quantum of Mr. Berezovsky’s claim in the

Commercial court action should be adjourned pending my determination of

the liability issues.

45. The detailed reasons for reaching these conclusions are set out in my full

judgment.

The Agreed List of Issues

46. Pursuant to an order of the court the parties agreed a lengthy list of issues to be

determined in the Commercial court action (“the Agreed List of Issues”).

They will be attached to my full judgment as Appendix 1. I have re-formulated

the relevant liability issues in a shorter format for the purposes of this

judgment.

A Sibneft

Issue A1:

47. Issue A1: Were agreements made, in 1995 and in 1996 between

Mr. Abramovich on the one hand, and Mr. Berezovsky and

Mr. Patarkatsishvili on the other, that they would have an interest in the

proportions 50:50 in any shares that they might acquire in any oil company (in

the event Sibneft), carrying on the business formerly carried on by two


Russian oil companies, and additionally, in the terms alleged by

Mr. Berezovsky in his pleadings and in his written and oral evidence?

Executive summary of my conclusion on Issue A1 -the alleged 1995 and 1996 Agreements

48. My conclusion on this issue is that there was no such agreement of the nature

and in the terms alleged by Mr. Berezovsky in paragraphs C33-C34 of the Re-

Re-Amended Particulars of Claim and paragraphs 97-105 of Mr. Berezovsky’s

fourth witness statement, nor as subsequently developed in his case at trial.

Nor was any agreement reached in 1996 between Mr. Berezovsky,

Mr. Patarkatsishvili and Mr. Abramovich in the terms alleged in paragraph

C37 of the Re-re-re-Amended Particulars of Claim.

49. Thus I find that:

i) there was no agreement that Mr. Berezovsky (or Mr. Berezovsky and

Mr. Patarkatsishvili) would be rewarded for his (or their) role in the

creation and privatisation of Sibneft by receiving an interest in Sibneft

shares, or an entitlement to require the transfer of Sibneft shares;

ii) there was no agreement that he or they would be rewarded by an

entitlement to receive payment of 50% (or some other proportionate

entitlement) of Sibneft profits and/or those generated by

Mr. Abramovich’s trading companies as a result of his acquisition of

control of, or involvement with, Sibneft, to be held jointly with

Mr. Patarkatsishvili. On the contrary, the evidence established that the

arrangement between the parties was that Mr. Abramovich would

provide payments towards Mr. Berezovsky’s (and subsequently


Mr. Patarkatsishvili’s) expenses, not only in connection with ORT, but

also generally, in exchange for Mr. Berezovsky’s assistance, protection

or krysha, and subsequently that of Mr. Patarkatsishvili’s. The actual

amounts to be paid were agreed each year as between Mr. Abramovich

and Mr. Patarkatsishvili as a result of a process of negotiation.

50. Whilst it may have been the case that:

i) the figure which Mr. Berezovsky and Mr. Patarkatsishvili demanded,

the figure which they expected Mr. Abramovich to pay under their

protection type relationship, and the figure which Mr. Abramovich

agreed to pay, was informed by, or related to, how much

Mr. Abramovich’s trading companies and/or Sibneft were actually

earning; and

ii) the expectation of Mr. Berezovsky and Mr. Patarkatsishvili was that

the more Mr. Abramovich’s trading companies and/or Sibneft were

earning, the greater would be the payments that Mr. Abramovich

would have to make to retain protection and discharge his krysha

obligations;

so that, in that loose sense, the payments were “referable” to the profits

generated by Mr. Abramovich’s trading companies and/or Sibneft, I conclude

that there was no agreement, as asserted by Mr. Berezovsky, that he and

Mr. Patarkatsishvili would be entitled to a proportionate interest in such

profits, whether as a result of a share ownership interest or otherwise.


51. The arrangement was one which, by its very nature, might have caused

Mr. Berezovsky and Mr. Patarkatsishvili to have regarded themselves, in the

vernacular, as having, or being entitled to “a piece of the Sibneft action” or to

have "owned" Mr Abramovich. That, in a very loose sense, was the nature of

the deal with Mr. Abramovich, and the nature of many payments under so-

called patronage or “protection” arrangements. But that does not translate in

the complicated contractual agreement for which Mr. Berezovsky contended.

52. Having rejected Mr. Berezovsky’s case, I do not need to decide what the

precise terms of the arrangement between the three men were. Whilst I

conclude that it was – at least - in general terms of the nature asserted by

Mr. Abramovich in paragraphs D.32 of the Re-Amended Defence, paragraphs

55-58 of his third witness statement and his oral evidence, I suspect, given

what I can only describe as the obscure nature of the relationship, first: that

the “requirements” made of Mr. Abramovich, or, put another way, his krysha

type obligations, changed over time; and second, that there were other aspects

of the business arrangements between the three men which have not been

referred to in evidence in this trial. I am not convinced that the Court has been

presented with the full picture of the business arrangements between the three

men. But that is irrelevant. What I have to decide is whether Mr. Berezovsky

has proved, on the balance of probabilities, his case in relation to the alleged

1995 and 1996 Agreements. He has not done so.

53. I found Mr. Berezovsky’s evidence (and that of his witnesses) in relation to

this issue to be vague, internally inconsistent, exaggerated and, at times,

incredible. Whilst there were defects in certain aspects of Mr. Abramovich’s


evidence (and that of his witnesses), I found it, on the whole, to be more

reliable and easier to square with the inherent probabilities of the business

relationship between the two men and the circumstantial evidence.

54. My conclusions are based not only on the direct evidence given by each man

as to the arrangements between them, but also on the circumstantial evidence.

Issue A2:

55. Issue A2: If such agreements were made, were they valid as a matter of

Russian law, which, it is common ground, must have governed them?

Executive summary of my conclusions in relation to Issue A2- the validity of the alleged 1995 Agreement

56. On the assumption that that the alleged 1995 Agreement was made in the

terms alleged by Mr. Berezovsky, I conclude that it was invalid or ineffective

under Russian law, because, amongst other reasons, its terms were not defined

with sufficient certainty to be effective as a concluded contract and there was

no intention to create legal relations, the intention being that it should be

binding in honour only.

Issue A3:

57. Issue A3: If Mr Berezovsky did have an interest in Sibneft, did

Mr. Abramovich threaten Mr. Berezovsky that, unless Mr. Berezovsky sold

that interest to him or his nominee, Mr. Abramovich would take steps to

ensure that (i) Mr. Berezovsky’s interest in Sibneft would be expropriated by

the Russian State; and/or (ii) Mr. Glushkov would be detained in prison for an

extended period?


Executive summary of my conclusion in relation to the Sibneft intimidation issue – A3

58. I first address Mr Berezovsky's claim that threats were made, prior to the

threats in relation to Sibneft, to coerce Mr Berezovsky and Mr Patarkatsishvili

to dispose of their shares in ORT. I hold that Mr. Berezovsky has not

established, on the balance of probabilities, either:

i) that a threat was made to him personally by President Putin and/or by

Mr. Voloshin at two meetings at the Kremlin in August 2000 that,

unless Mr. Berezovsky surrendered his shares in ORT to the Russian

state (or to an entity acceptable to it), Mr. Berezovsky would be

imprisoned in the same way as Mr. Gusinsky had been; or

ii) that there was a meeting between Mr. Abramovich and Mr. Berezovsky

at Cap d’Antibes on 7, 8 or 9 December 2000, at which

Mr. Abramovich told Mr. Berezovsky that “he had come on the orders

of President Putin and Mr. Voloshin”; that Mr. Berezovsky and

Mr. Patarkatsishvili had to sell their interests in ORT immediately;

that if they did so, Mr. Glushkov would be released from prison; and

that, if they refused to do so, Mr. Glushkov “… would remain in prison

for a very long time” and “President Putin would seize their ORT

interests”; or

iii) that Mr. Berezovsky only decided to sell his stake in ORT because of

threats made by Mr. Abramovich.


59. I accept Mr. Voloshin’s evidence that no such threats were made, either by

him or President Putin. I likewise accept Mr. Abramovich’s evidence that no

such threats were made by him.

Executive summary of my conclusions in relation to the Sibneft intimidation issue

60. My conclusion in relation to the Sibneft intimidation issue is that

Mr. Abramovich did not make either express or implied threats to

Mr. Berezovsky and Mr. Patarkatsishvili, with the intention of intimidating

them to dispose of their alleged interests in Sibneft. In particular,

Mr. Abramovich did not threaten, in the course of meetings in Moscow with

Mr. Patarkatsishvili from about August 2000 to May 2001, that he would use

his influence with the Putin regime to seek to cause Mr. Berezovsky’s and

Mr. Patarkatsishvili’s interests in Sibneft to be expropriated unless they sold

their interests to him; nor, in the course of meetings at Munich and Cologne

airport in May 2001, did Mr. Abramovich threaten that he would use his

influence within the Putin regime to seek to ensure that Mr. Glushkov would

not be released from prison. I also concluded that the sum of $1.3 billion paid

by Mr. Abramovich to Mr. Berezovsky and Mr. Patarkatsishvili did not

represent the sale price of Mr. Berezovsky’s and Mr. Patarkatsishvili’s alleged

Sibneft interest, but rather was a final lump sum payment in order to discharge

what Mr. Abramovich’s regarded as his krysha obligations.

61. In the circumstances, and given my conclusion that Mr. Berezovsky had no

such interest, the issue articulated in paragraph 8 of the Agreed List of Issues

(i.e. whether the threats made coerced Mr. Berezovsky into disposing of his

alleged Sibneft interest) does not arise for determination.


Issue A4:

62. Issue A4: If Mr. Berezovsky had an interest in Sibneft, did he sell it to

Devonia Investments Limited under a sale and purchase agreement (“the

Devonia Agreement”) dated 11/12 June 2001 between Mr. Berezovsky and

Mr. Patarkatsishvili, Devonia Investments Limited (“Devonia”) and Sheikh

Sultan Crown Prince of Abu Dhabi, Sheikh Sultan Bin Khalifa Al Nahyan.

(“the Sheikh”)?”

Executive summary of my conclusions in relation to the Devonia Agreement – Issue A4

63. My conclusions in relation to this issue may be stated as follows. First, the

Devonia Agreement was not a genuine agreement. It was a sham agreement,

entered into for the purposes of generating documentation that would give a

false impression that a genuine commercial transaction had been entered into,

so as to satisfy the money-laundering requirements of the UK bank, into

accounts at which the $1.3 million paid by Mr. Abramovich to

Mr. Berezovsky and Mr. Patarkatsishvili was, ultimately, going to be paid.

Second, Mr. Abramovich was not involved in, or party to, the Devonia

Agreement and was not aware of its terms: such limited involvement as there

was, at a low level, by members of his accounting staff in what might loosely

be referred to as the Devonia Agreement transaction was directed at, and

limited to, the mechanics for the payment by an Abramovich controlled

company of the $1.3 billion to Devonia’s account. Third, contrary to the terms

of the Devonia Agreement, there was never any genuine intention that

Devonia would “transfer the beneficial interests in the Shares being

[purportedly] purchased” under the agreement to Mr. Abramovich or


companies or entities controlled by, or associated with, him. Fourth, Devonia

never did transfer such interests to Mr. Abramovich or any companies

associated with him. Fifth, because it was a sham transaction, the Devonia

Agreement did not support Mr. Berezovsky’s case in relation to the alleged

1995 and 1996 Agreements or in relation to the Sibneft intimidation issue.

Sixth, on the contrary, the evidence relating to the issue, and the fact that

Mr. Berezovsky chose to assert that the Devonia Agreement was a genuine

agreement, did not reflect well on Mr. Berezovsky’s credibility.

Issues A5, A6 and A7

64. Issue A5: What law governs any liability in tort or delict arising out of the

alleged Sibneft intimidation?

Issue A6: Has such liability arisen under that law?

Issue A7: If so, is a claim in respect of that liability time-barred?

Executive summary and conclusion on Issues A5, A6 and A7

65. In the light of my earlier findings, it is not necessary for me to decide Issue

A5, namely what is the proper law governing Mr. Berezovsky’s alleged claim

of intimidation, since whichever is the applicable law, he has not made out his

claim on the facts. Accordingly I do not do so. But my provisional view is

that the governing law of the intimidation claim would have been Russian law.

66. Irrespective of whether the proper law governing the claim is Russian, French

or Russian law, my conclusion on Issue A6, based on my factual findings that

there was no intimidation, is necessarily that no liability in tort or delict has


arisen under the relevant law. In the circumstances, there is no need for me to

decide the detailed issues of Russian substantive and procedural law as to

whether Mr. Abramovich’s conduct fulfilled the conditions of liability under

article 1064 of the Russian Civil Code and accordingly I do not do so.

67. In the circumstances Issue A7 does not arise for determination. Therefore it is

not necessary or appropriate for me to decide, on a hypothetical basis,

whether, if Mr. Berezovsky had a claim, it would be time-barred under

Russian or English law. Accordingly I do not determine Issue 7.

B RusAl

Issue B1:

68. Was an agreement made between Mr. Abramovich and Mr. Berezovsky(i) in

1995, or (ii) in late 1999, the effect of which was that Mr. Berezovsky would

have an interest in any aluminium producers which might be acquired by

Mr. Abramovich or his companies (referred to above as the pre-merger

aluminium assets)?

Executive summary in relation to Issue B1

69. I conclude that no agreement was made between Mr. Abramovich and

Mr. Berezovsky either in 1995 or in late 1999, the effect of which was that

Mr. Berezovsky would have an interest in any pre-merger aluminium assets

(in the event the Bratsk and KrAZ assets). Mr. Berezovsky did not have, or

acquire, any interest in any in any pre-merger aluminium assets prior to the

meeting at the Dorchester Hotel in March 2000 (other than as a result of any

bilateral joint venture which may have existed between Mr. Berezovsky and


Mr. Patarkatsishvili, as to which I make no finding.) There was no agreement

that any interest in the pre-merger aluminium assets should be paid for out of

Mr. Berezovsky’s entitlement to Sibneft or Sibneft related profits, and no

contribution was in fact made by Mr. Berezovsky to the cost of the

acquisition. I accept Mr. Abramovich’s evidence that he alone purchased the

aluminium assets (through companies owned or controlled by him) pursuant to

the terms of an agreement purportedly dated 10 February, 2000 (“the Master

Agreement”) and specifically pursuant to ten individual sale and purchase

contracts also purportedly dated 10 February, 2000. I conclude that the other

two individuals named in the Master Agreement as purchasers, namely

Mr. Patarkatsishvili and Mr. Shvidler, assisted him to close the transaction but

did not thereby acquire any interest in such assets. I accept Mr. Abramovich’s

case that Mr. Patarkatsishvili’s role in the transaction was as intermediary and

facilitator, and for those services Mr. Abramovich agreed to pay him a fee, not

only for his services as an intermediary, but also for providing krysha in a

difficult environment, where his association with the purchase of the

aluminium assets was essential. I conclude that neither Mr. Berezovsky nor

Mr. Patarkatsishvili had any interest in any of the companies which acquired

the pre-merger aluminium assets.

Issue B2:

70. Issue B2: Was it agreed at the Dorchester Hotel on 13 March 2000 that

Mr. Berezovsky and Mr. Patarkatsishvili would have a share of the aluminium

business created by the merger with Mr. Deripaska’s aluminium interests?


Executive summary in relation to Issue B2

71. No agreement was made at the Dorchester Hotel meeting on 13 March 2000

that Mr. Berezovsky and Mr. Patarkatsishvili would have a share of the

aluminium business created by the merger of the pre-merger aluminium assets

with Mr. Deripaska’s aluminium interests. There was no agreement made at

that meeting to the effect that Mr. Berezovsky, Mr. Patarkatsishvili and

Mr. Abramovich would pool the pre-merger aluminium assets acquired in

February 2000 with Mr. Deripaska’s aluminium interests; Mr. Berezovsky and

Mr. Patarkatsishvili had no interest in the pre-merger aluminium assets and

Mr. Abramovich and Mr. Deripaska had already agreed to pool such assets as

between themselves. In particular, no agreement made at that meeting by

Mr. Abramovich, or by Mr. Abramovich and Mr. Deripaska, with

Mr. Berezovsky and Mr. Patarkatsishvili:

i) that Mr. Abramovich would hold 50% of his interest in the merged

business on trust for Mr. Berezovsky and Mr. Patarkatsishvili;

ii) that none of Mr. Abramovich, Mr. Deripaska, Mr. Berezovsky and

Mr. Patarkatsishvili would sell his interest in RusAl without the prior

agreement of the others; or

iii) that Mr. Abramovich would assume fiduciary obligations in relation to

Mr. Berezovsky and Mr. Patarkatsishvili.

72. The evidence relating to this issue supports my conclusion that the relationship

between Mr. Berezovsky and Mr. Abramovich was based upon a protection,


or krysha, type relationship and not on any contractually binding agreement

between the two men.

Issue B3:

73. Issue B3: Was it expressly agreed at the Dorchester Hotel on 30 March, 2000

that Mr. Abramovich would hold their interest in the aluminium business

created by the merger of those assets with Mr. Deripaska's aluminium interests

on trust for Mr. Berezovsky and Mr. Patarkatsishvili under an English law

trust?

Executive summary and conclusion in relation to Issue B3

74. The issue as to whether there was any express agreement that Mr. Berezovsky

and Mr. Patarkatsishvili’s interest in the aluminium assets should be held on

an English law trust for Mr. Abramovich did not arise, in the light of my

previous determination that Mr. Berezovsky had no such interest. In any

event, the evidence did not support any agreement that Mr. Abramovich would

hold any such interest on trust for Mr. Berezovsky and Mr. Patarkatsishvili

whether under English law or otherwise.

Issue B4:

75. Issue B4: If it was agreed that Mr. Berezovsky would have an interest in the

merged business, but there was no express agreement about the law governing

the arrangements between him, Mr. Abramovich and Mr. Patarkatsishvili

relating to that business, then what law did govern those arrangements?


Executive summary and conclusion in relation to Issue B.4.

76. The issue as to whether there was an implied choice of English law, or

whether English law the system of law with which the alleged trust and/or

fiduciary duties and/or the contract were most closely connected, simply did

not arise for consideration, in the light of my previous determination that

Mr. Berezovsky had no such interest. It would be inappropriate to decide such

an issue on a wholly hypothetical basis.

Issue B5:

77. Issue B5: Would the alleged express RusAl trust be good even in English

law?


78. The issue as to whether the alleged express RusAl trust would be good even in

English law, simply did not arise for consideration, in the light of my previous

determination that Mr. Berezovsky had no such interest. It would be

inappropriate to decide such an issue on a wholly hypothetical basis.

Issue B6:

79. Issue B6: If there was no valid express trust, was there a resulting or

constructive trust governed by English law?


80. In the light of my finding in relation to Issue B1, namely that Mr. Berezovsky

did not have any proprietary, legally enforceable interest in the pre-merger


aluminium assets (that arose other than through his alleged bilateral joint

venture or other arrangements with Mr. Patarkatsishvili), it follows that

Mr. Berezovsky did not acquire any interest under a resulting or constructive

trust governed by English law in relation to shares in RusAl.

81. Issue B7: Was it agreed at the Dorchester Hotel between Mr. Berezovsky,

Mr. Patarkatsishvili, Mr. Abramovich and Mr. Deripaska that none of them

should be entitled to sell his interest in the merged business without the

consent of the others?


82. No such agreement to the effect that none of Mr. Deripaska, Mr. Abramovich

Mr. Berezovsky or Mr. Patarkatsishvili would be entitled to sell his interest in

the merged business without the consent of the others, was concluded at the

Dorchester Hotel meeting.

83. The merger terms were not in fact negotiated at the Dorchester Hotel meeting.

It is inconceivable that, if such a term had been agreed as part of the merger

terms with Mr. Deripaska, it would not have been embodied in a written

agreement like the rest of the merger terms. Moreover, the suggested term, in

its simplistic formulation, made no commercial sense.

Issue B8

84. Issue B8: If such an agreement was made, what was its proper law?

85. Issue B9: Was the sale of the first 25% tranche of RusAl in September 2003 a

breach of (i) trust or (ii) contract?


Executive summary and conclusion in relation to Issues B8 and B9

86. In the light of my conclusion that there was no such agreement restricting the

sale of Mr. Abramovich’s or Mr. Deripaska’s RusAl shares without the

consent of each of those two men and Mr. Berezovsky and

Mr. Patarkatsishvili, Issue B8, namely what was the proper law of such

agreement, does not arise for consideration.

87. It likewise follows that, when Mr. Abramovich sold the first 25% tranche of

RusAl shares to Mr. Deripaska in September 2003 the sale did not amount to

any breach of trust and/or fiduciary duty and/or contract on the part of

Mr. Abramovich.

Issue B10:

88. Issue B10: Was any liability released under the terms of the agreements for

the sale of the second 25% tranche of RusAl shares on 20 July 2004?

Executive summary and conclusions in relation to Issue B10

89. In the light of my conclusions in relations to Issues B1 and B2, Issue B10 is,

for all practical purposes, academic, since I have decided that Mr. Berezovsky

did not have any entitlement to make any claims, or potential claims, against

Mr. Abramovich, or Madison, in relation to RusAl. In other words, the

question whether such claims as Mr. Berezovsky has brought against

Mr. Abramovich (which I have held to be unfounded), were in fact released

by the Deed of Settlement as between Madison and Cliren is moot. It was not

suggested, for example, that the court’s determination on this issue is required

to prevent any further or future claim by Mr. Berezovsky against


Mr. Abramovich in relation to RusAl. Unless I am persuaded that there is a

specific and necessary reason for my decision on this issue, I am reluctant to

decide it. There would appear to be no utility in my doing so.

90. It is clear from the decision in BCCI v Ali [2002] 1 AC 251 at paragraph 8,

that there are no special rules of interpretation applicable to the release: it is to

be construed in the same way as every other contract, the question being the

intention of the parties ascertained objectively in the context of the

circumstances in which the release was entered into. Whether a particular

claim or potential claim is caught by the express terms of the particular release

can therefore be heavily dependent on the factual matrix, as the decision in Ali

itself demonstrates. A slight change in the facts as I have found them to be

(for example, if it had been the case that Mr. Abramovich believed that

Mr. Berezovsky had a genuine claim to an interest in RusAl and knew that he

was not prepared to sign the release) might have produced a different

conclusion in relation to the issue raised. I would not therefore be prepared to

decide the issue on a hypothetical basis, for example that Mr. Berezovsky’s

claim to an interest in RusAl was well-founded, without an agreed factual

basis for the hypothesis upon which I was decide the issue.

91. If any party persuades me that there is a genuine need for me to decide this

issue I will do so.

Disposition

92. It follows that I dismiss Mr. Berezovsky's claims both in relation to Sibneft

and in relation to RusAl in their entirety. I direct that any consequential

matters arising out of this judgment should be addressed on a subsequent


occasion, when counsel have had an opportunity to consider this judgment and

supply me with a draft form of order reflecting my findings.

93. It is appropriate that I should pay tribute to the highly professional and

efficient way in which this case was conducted, in the best Commercial Court

traditions, not only by the respective teams of counsel and solicitors, but also

by the respective participants and their service providers. Of course, the judge

sees only the public panoply of the courtroom, but, whatever tensions or

undercurrents there may have been between the parties, or indeed the lawyers,

in what were, heavily fought, acrimonious disputes involving serious

allegations of dishonesty and blackmail, the case was battled out in a

courteous, disciplined and restrained manner. That necessarily contributed to

an efficient and effective trial process.

94. There were also a number of other features which significantly contributed to

the smooth running of the trial. Perhaps most importantly, the extensive

documentation was presented in a highly organised and easily accessible

electronic format, with the result that, apart from reliance, to a limited extent,

on hardcopy versions of the written arguments, and the expert statements, I

was able to conduct what, at least so far as I was concerned, was a paperless

trial. There can be no doubt that this enabled the trial to be concluded within

the allotted timetable, and with the maximum efficiency. I am extremely

grateful, as, I am sure, are the other lawyers in the case, for all the technical

assistance which I and they received in this respect.

95. Another significant contributor to the trial process was the skill, efficiency and

understanding cooperation of the simultaneous translators. Their industry


enabled evidence given in Russian to be delivered, and understood, in English

in a virtually seamless fashion. Absent their contribution, I have no doubt that

the trial would have taken considerably longer.

96. I must also express my gratitude to those who were responsible for the quality

and detail of the extensive written submissions, without which my task would

have been immeasurably harder. They have been an invaluable aid to the

completion of my full judgment.


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